Foreign Investors Return to Net Buying on Matched Trades; VIC Leads Accumulation

Overview

Foreign investors returned to net buying on matched trades on the Ho Chi Minh Stock Exchange (HOSE) last week, with net purchases of VND 630.2 billion, even as their overall net selling reached VND 2,433.7 billion. The buying was concentrated in large-cap real estate and consumer stocks, with Vingroup (VIC) leading the accumulation. This shift comes as the VN-Index rebounded 2.95% to 1,735.78 points, breaking a four-week losing streak.

Key Facts

• Foreign investors net bought VND 630.2 billion on matched trades last week, while overall net selling was VND 2,433.7 billion.
• Top matched buys: VIC, VNM, HPG, FPT, VCB, MSN, PNJ, MCH, LPB, BSR.
• Top matched sells: TCB, VHM, VPB, VIX, ACB, GEX, SSI, HDB, EIB.
• VN-Index closed at 1,735.78 points, up 49.67 points (+2.95%) week-on-week.
• Average matched trading value on HOSE was VND 14,082 billion per session, down 14.40% from the prior week.
• VHM contributed the most to the VN-Index gain (+11.9 points), followed by FPT (+3.3), VCB (+2.5), HPG (+2.2), and MWG (+1.8).
• Foreign net selling was concentrated in the banking sector, while net buying was in food & beverage and basic resources.

What Happened

According to the weekly market report, foreign investors reversed their stance on matched trades, recording net buying of VND 630.2 billion, although their total net selling across all trading methods was VND 2,433.7 billion. The top matched buys included VIC, VNM, HPG, FPT, and VCB, indicating a preference for large-cap blue chips in real estate, consumer staples, and technology. On the sell side, TCB, VHM, VPB, and VIX were the most heavily sold, with banking stocks bearing the brunt of foreign outflows.

The VN-Index’s recovery was led by large-cap real estate and select banking stocks, with VHM contributing the most points. However, trading liquidity declined, with average matched value on HOSE falling 14.40% week-on-week to VND 14,082 billion per session. This suggests that while selling pressure has eased, new capital inflows have not yet broadened across the market.

Market Context

Vingroup (VIC), trading on HOSE, closed at VND 214,100 on August 2, 2026. The stock has been a key beneficiary of foreign buying, reflecting renewed interest in Vietnam’s real estate sector. The broader market, as measured by the VN-Index, rebounded strongly last week, but the decline in liquidity indicates cautious sentiment. Foreign investors’ overall net selling of VND 2,433.7 billion remains a headwind, though the matched-trade net buying suggests a selective return to quality names.

Strategic Significance

The return of foreign investors to net buying on matched trades, particularly in VIC, VNM, HPG, and FPT, signals a potential shift in sentiment toward large-cap Vietnamese equities. This could be driven by expectations of stabilizing real estate policies, strong consumer demand, and attractive valuations. For Vingroup, sustained foreign accumulation may support its capital-raising efforts and long-term expansion plans. However, the overall net selling and reduced liquidity highlight that the market is still in a consolidation phase, and foreign flows remain volatile.

What to Watch

• Whether foreign investors sustain net buying on matched trades in the coming weeks, especially in VIC and other top picks.
• The trajectory of the VN-Index and trading liquidity, as a rebound without volume may lack conviction.
• Any policy announcements from the State Bank of Vietnam or regulatory changes affecting foreign ownership limits.
• Quarterly earnings reports from VIC and other top foreign-bought stocks to confirm fundamental support.
• The performance of the banking sector, which saw significant foreign selling, and whether outflows persist.